Wyrdness said:
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I think Sega still owns the IP (as part of their 4 game deal with Platinum) they just chose not to publish a sequel. At least, Platinum lists them along with Nintendo as the holders on their website. Sega even recently announced a Bayonetta anime at TGS I believe. Not sure if it came out yet though.
Edit: Here we go. They're still listed as the owners.
http://tsdr.uspto.gov/#caseNumber=77444642&caseType=SERIAL_NO&searchType=statusSearch











